ANALYSIS OF TOBACCO GROWERS' ASSOCIATION 



109 



Table 46. — Comparison of auction-floor price per 100 pounds with bankers' valua- 

 tion committee price and with payments oy the association to members prior 

 to receivership 



Pool and crop 



Auction- 

 floor 

 prices 



Associa- 

 tion pay- 

 ments to 

 members 



Auction- 

 floor 

 margin 

 over as- 

 sociation 



Bankers' 



valuation 



price 



Auction- 

 floor 

 margin 



over 

 bankers' 

 valuation 



Sun-cured: 



1922. 



Dollars 

 14.27 

 13.22 

 14.63 

 16.39 



19.77 

 18.09 

 19.43 

 16.24 



30.25 

 21.49 

 21.69 

 17.33 



29.70 

 24.00 

 25.50 

 25.40 



23.00 

 19.00 

 17.00 



16.70 



Dollars 

 9.87 

 11.14 

 12.18 

 11.27 



14.70 

 13.63 

 9.60 

 10.53 



23.53 

 16.04 

 13.53 

 8.62 



19.06 

 16.22 

 11.65 

 14.26 



15.49 

 17.25 

 13.63 



11.17 



Dollars 

 4.40 

 2.08 

 2.45 

 5.12 



5.07 

 4.46 

 9.83 

 5.71 



6.72 

 5.45 

 8.16 

 8.71 



10.64 

 7.78 

 13.85 

 11.14 



7.51 

 1.75 

 3.37 

 5.53 



6.87 

 4.30 

 7.53 



7.24 



Dollars 

 11.80 

 12.04 

 13.64 

 17.28 



15.56 

 16.46 

 18.46 

 16.16 



23.38 

 19.41 

 21.26 

 13.24 



19.35 

 17.87 

 22.25 

 21.92 



14.73 

 18.38 

 17.87 

 17.16 



Dollars 

 2.47 



1923 



1.18 



1924 



.99 



1925 



— 89 



Dark-fired: 



1922__ 



4.21 



1923 



1.63 



1924 



.97 



1925 



.08 



Old belt: 



1922 



6.87 



1923 



2.08 



1924 



.43 



1925.. . 



4.09 



Eastern Carolina: 



1922 



10.35 



1923 



6.13 



1924 



3.25 



1925 



3.48 



South Carolina: 



1922 



8.27 



1923 



.62 



1924 



-.87 



1925.. 



-.46 



All pools average: 

 1922 



6.43 



1923. . 









2.33 











.95 



1925 









1.26 













Sun-cured and dark-fired auction-floor prices from Virginia Farm Statistics, 1926 (8, p. 82); auction-floor 

 prices for other areas from Department of Agriculture Yearbooks. 



In no instance did the association remit to its members for any 

 year or pool a better average price for all grades than was paid by 

 the auction floor, although it may have done so for some grades. 

 The auction-floor margin was usually the smallest in the sun-cured 

 pool, because the association closed out most of its sun-cured tobacco 

 and because the auction-floor sales margin over the bankers' valua- 

 tion price was the smallest in the case of sun-cured tobacco. In 

 eastern Carolina, with its wide margin of the auction-floor prices 

 over the association basic price, the prices paid to growers were much 

 higher from the auction-floor houses. Despite the' smaller number 

 of payments to members for the crops delivered to the association 

 during the later years of its operation, there was no large widening 

 in the auction margin over association pa}mients for all pools. This 

 was at least partly because of the lowering of the auction-floor prices 

 in some pools from 1922 to 1925. 



In Table 47 are shown the gross average price, the total deduc- 

 tions, and the net amount available to farmers under the two sys- 

 tems. In every pool except one, the 1925 old belt, the net amount 

 available to growers under the auction-floor system was higher, some- 

 times considerably higher, than the amount available under the 

 cooperative marketing system. Further deductions were made from 

 the net prices available to members in order to build reserve funds 

 for contingencies and for a guarantee of the obligations of the 



